The field of the present disclosure relates to managing a compromised account and, more particularly, to computer-based methods and systems for managing a compromised account included within a digital wallet having an account management functionality.
Accountholders frequently hold their plastic payment cards in wallets or purses. Often, the wallet or purse is not in close proximity with the accountholder (e.g., it may be in a desk drawer, in laptop bag, or in a vehicle). As a result, the payment account is prone to being compromised because of loss, theft, or damage to the card. Additionally, payment accounts used in transactions where the card is not always presented (e.g., recurring card-on-file transactions such as for a health club membership) may be more prone to fraud as individuals who may have access to the payment card information, in some cases, fraudulently initiate transactions without the accountholder's authorization. In the event that the payment account is compromised, the accountholder typically cannot easily obtain a new payment card and/or continue to make purchases using the associated payment card account. Accountholders must resort to contacting the issuer of each individual card they lost, especially in the event that a whole wallet containing multiple payment cards is compromised. This is cumbersome and may be difficult since, without the card itself, accountholders may not recall each issuer's name and contact information from memory.
Increasingly, accountholders perform transactions using their computing devices instead of their physical payment cards. For example, mobile computing devices such as smartphones now support electronic wallet application software that enables accountholders to store multiple payment card accounts in their smartphones and use their phones to perform the transaction without having to swipe the plastic card. As a result, the plastic card either remains in the accountholder's wallet or is stored at home or elsewhere, increasing the chances of compromise.